Carnival To Sell Airtours Stake

Monday, May 21, 2001
Shares in Britain's largest package tour operator Airtours Plc fell by as much as eight percent on Monday after Carnival Corp said it would sell its 25 percent stake in the company. The stake was worth around 358 million pounds ($514.8 million) at Friday's closing price of 292 pence. Carnival said the strategic reasons for its minority stake in Airtours were "no longer compelling". Airtours said it had agreed to release Carnival from the share lock-up agreement between them. "On the basis that they wanted to pursue their strategy in cruising, we were happy to release them," group chief executive Tim Byrne said. Up to 123.3 million shares will be placed with international institutional investors, with the book expected to close on Thursday. Investment banks UBS Warburg and Deutsche Bank are acting as joint bookrunners. Market sources on Monday said any competitor considering a bid for the stake would need to secure the agreement of chairman David Crossland, who is Airtours' third-largest shareholder, with a ten percent stake. "He probably wouldn't sell his own shares at this price," said one fund manager with shares in Airtours. However, he said there probably would be demand for the shares amongst institutional investors. "The trading results look pretty good. People want to invest in companies that are close to the consumer," he said. Airtours, which is the largest distributor of Carnival cruises in the U.S., said the commercial relationship between the two companies would survive. "They depend on us to distribute their product, and we depend on them to give us their product to distribute, so that commercial relationship will continue very strongly," Byrne said. - (Reuters)
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Cruise Ship Collides with Tanker off Gallipoli

A Celestyal Cruises ship suffered structural damage to its bow and was forced to dock at Turkey’s port of Gallipoli after it collided with the Marshal Islands-flagged

Crews Recover Bodies of 9 Victims of Alaska Plane Crash

Emergency crews recovered on Friday the bodies of nine people from the wreckage of a sightseeing plane that remains teetering on a steep rock face after crashing in Alaska, a rescue official said.

Viking Sea Floated Out From Drydock

Viking Ocean Cruises has announced its second ship—the 930-passenger Viking Sea —was floated out from Fincantieri’s Ancona shipyard, marking a major construction

Navy

‘Old Salt’ Designation Passed to Vice Adm. Tidd

The “Old Salt” designation, honoring the Surface Warfare Officer (SWO) serving on active duty with the earliest Surface Warfare Qualification, passed from Adm. Sam Locklear to Vice Adm.

First Bodies Recovered from Deadliest Migrant Shipwreck

Italy's navy said on Tuesday it had retrieved the first bodies from the wreck of a boat that sank in the Mediterranean three months ago, killing up to 800 migrants

Wartsila Tunnel Thruster Gets LR Approval

Wartsila has successfully passed the final step of the Lloyd's Register (LRS) classification society's Type Approval process to obtain an LR Type Approval Certificate

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2401 sec (4 req/sec)